The OPEC+ alliance said in a statement following its meeting on Sunday that it would keep its oil production targets unchanged for November.
The decision comes as Gulf countries that are members of the Organization of the Petroleum Exporting Countries (OPEC) have been pumping volumes far below their targets since the Iran war began in February, while exports ranged between 60% and 80% of normal levels over the past few months.
Production capacity review postponed
Informed sources said earlier on Sunday that the war had delayed OPEC+'s review of production capacity, a necessary assessment for determining member countries' quotas for next year.
The alliance comprises OPEC member countries and non-OPEC producers led by Russia.
Output below pre-war levels
OPEC+ raised its production targets during most periods of the current year after implementing cuts for several years, but most of those increases remained theoretical because of the war.
OPEC data show that the alliance's seven core countries pumped 25 million barrels of oil per day in August, an increase of 630,000 barrels per day from the rate recorded in July. However, volumes remained about 5 million barrels per day below the levels recorded before the war broke out.
OPEC+ continues to implement production cuts of nearly 2 million barrels per day, covering most member countries.
